Challenger Infrastructure Fund

Just as Challenger Infrastructure Fund was due to delist, the group received notification from the Australian Tax Office that it has been ‘selected for an audit in relation to the taxation treatment of certain foreign income’. In short, the ATO believes it might be entitled to tax on some of CIF’s past foreign earnings, whereas CIF believes it is exempt, having already paid tax in foreign jurisdictions on those earnings. We’re not experts, but it’s the interpretation of section 23AJ of the Income Tax Assessment Act that is up for debate. In response, CIF has set aside $40m of...

Just as Challenger Infrastructure Fund was due to delist, the group received notification from the Australian Tax Office that it has been ‘selected for an audit in relation to the taxation treatment of certain foreign income’. In short, the ATO believes it might be entitled to tax on some of CIF’s past foreign earnings, whereas CIF believes it is exempt, having already paid tax in foreign jurisdictions on those earnings. We’re not experts, but it’s the interpretation of section 23AJ of the Income Tax Assessment Act that is up for debate.

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